Perhaps, but for me, makeup is usually the difference between man in a skirt and female. If you forego makeup and someone notices, it won't change your gender in their eyes. I truly have to "put on my face" when I go out.
However, there is as ray of hope. Eventually, as the estrogen does it's thing and my body changes over, the male will be less noticable and I might get away with much less makeup. Getting rid of the beard is a huge plus in this. That gets rid of layers of warpaint right there. Eventually, I will have most of the makeup/no makeup options available to most women.
Now, all I need is six to eight thousand bucks to get rid of the beard.